随着经济的快速发展，市场竞争越来越激烈，企业纷纷进行并购整合，这使得并购交易数量越来越多，并购交易特征也呈现出不同的特点，并购已经成为企业扩大生产规模，整合资源，促进产业结构调整的一种有效手段，并购能否使企业绩效得到提高成了学者关注的焦点。有哪些并购的交易特征会影响并购绩效，是一个值得探讨的问题。基于此，本文以并购交易特征为切入点，分析不同的并购交易特征对企业并购绩效的影响。 本文首先对2011-2016年上市公司并购交易的数量和金额的现状进行了分析，从并购支付方式、交易规模、关联属性和并购类型四个方面对并购交易特征的现状进行了分析。其次以2011-2013年我国A股上市公司发生的并购交易事件作为研究样本，对所有样本公司按照偿债能力、盈利能力、营运能力以及发展能力四个方面选出11个财务指标，再按照并购前一年至第三年分别对财务数据进行因子分析，研究公司在并购前后五年的并购绩效的变化趋势。最后运用多元回归模型从并购交易特征的四个方面并购支付方式、交易规模、关联并购和并购类型分析其对企业并购绩效的影响。 研究结果表明：（1）并购在当年和第一年能够提高企业绩效，但是对于并购后第二年、第三年，绩效大幅度下降，没有通过并购改善企业的经营状况；（2）相比于使用股票进行支付的并购绩效，企业使用现金进行支付的并购绩效更差；（3）交易规模对企业并购绩效有显著的正影响，交易规模越大，企业并购绩效越好；（4）在并购当年，非关联并购的企业并购绩效比关联并购的企业绩效更好；（5）在并购类型中，选取股权并购或资产并购不影响企业并购绩效。基于以上研究结论，本文提出：应加强信息披露，完善与并购有关的政策法规，鼓励多种支付工具的使用以及对融资方式进行创新；企业应适应市场环境，结合自身特点，综合考虑并购支付方式、交易规模、是否选取关联并购和并购类型等诸多并购绩效影响因素，做出全面、理性的并购决策，同时注重并购后对资源的整合。

With the rapid economic development and increasingly fierce competition in the market, companies have to merge and acquisition. This makes the number of M&A deals more and more, and the characteristics of M&A transactions also show different characteristics. M&A has become an effective means for enterprises to expand production scale, integrate resources and promote industrial restructuring. Whether mergers and acquisitions can improve business performance has become the focus of scholars' attention. It is a question to discuss which transaction characteristics of M&A will affect the performance of M&A. Based on this, this paper takes the characteristics of M&A transactions as the entry point, and analyzes the influence of different M&A transaction characteristics on M&A performance. Firstly, this paper analyzes the present situation of the quantity and amount of the listed companies' mergers and acquisitions in 2011-2016, and analyzes the present situation of the characteristics of mergers and acquisitions from four aspects, such as payment mode, transaction scale, correlation attribute and type of merger. Secondly,we take the M&A transactions of A-share listed companies in China from 2011 to 2013 as the research sample, and select 11 financial indicators for all sample companies according to the four aspects of solvency, profitability, operating capacity, and development capabilities, and then according to the factor analysis of the financial data from the year before to the third year after the merger, We analyze the trend of performance in five years before and after M&A. Finally,multivariate regression model is used to analyze the impact of M&A payment, transaction size, Related M&A and M&A types on M&A performance. Research indicates: (1) Mergers and acquisitions can improve corporate performance in the year and the first year of M&A, but in the second and third years of M&A, performance has dropped significantly, and companies have not been improved through mergers and acquisitions.(2) Compared to the M&A performance of using stocks for payment, the performance of the company's mergers and acquisitions using cash for payment is even worse;(3) The transaction scale has a significant positive impact on the M&A performance. The larger the transaction size, the better the M&A performance of the company.(4) In the year of M&A, the M&A performance of non-related M&A is better than that of related M&A.(5) In the type of M&A, the choice of equity M&A or assets M&A does not affect M&A performance. Based on the research conclusions, this paper is put forward: Information disclosure should be strengthened, so as to improve the policies and regulations related to mergers and acquisitions, to encourage the use of multiple payment instruments and innovate financing methods.Enterprises should adapt to the market environment, combined with its own characteristics，considering the M&A payment methods, the scale of the transaction, whether the selection of M&A and M&A types and other factors affecting M&A performance, so as to make a comprehensive and rational decision-making M&A and focus on the integration of resources after the merger.